Cookies help us deliver the best experience on our website. By using our website, you agree to our use of cookies Dismiss

Novatek stake sale boost

Free Read

Oct 30 (LNGJ) – Russian natural gas company Novatek reported a 7.9 percent rise in nine-month revenues of 641.8 billion rubles ($10.5Bln) and a 14 percent jump in gross earnings to 338.3Bln rubles ($5.30Bln) compared with the 2018 period. “This was largely due to an increase in LNG sales volumes and our domestic average natural gas sales price, which was offset by a decrease in hydrocarbons sales prices on international markets,” said Novatek.

   Profit attributable to shareholders in the third quarter rose eight-fold to 370.0Bln rubles ($5.79Bln) from 45.90Bln rubles ($775 million) and in the nine months period was up seven-fold to 820.9Bln rubles ($12.85Bln). “Our profit was significantly impacted by the recognition of a net gain on disposal of a 10 percent and a 30 percent participation interests in the Arctic LNG 2 project in March and July 2019, respectively. Taken together these amounted to 675.0Bln rubles ($10.56Bln),” said Novatek.

   Excluding the effect from the disposals of stakes in subsidiaries and joint ventures, as well as foreign exchange differences, Novatek’s normalized profit in the third quarter totaled 48.5 billion rubles ($759M) and 178.6Bln rubles ($2.7Bln) in the nine-month period.